HDFC joins Series C for India's MedGenome

HDFC, along with its group companies HDFC Asset Management and HDFC Standard Life Insurance, committed $10 million to the round. This is the second tranche of the Series C: an earlier $30 million tranche was led by Sequoia Capital India and Belgium's Sofina, with participation by Zodius Capital, Infosys co-founder Kris Gopalakrishnan, and former Cognizant CEO Lakshmi Narayanan.

MedGenome manages an India-focused genomic and biopharmaceutical database for use by international researchers developing treatments for diseases including cancer, diabetes, cardiovascular disease and Parkinson's disease. The new investment will be used to expand its clinical genomic testing efforts in India, with particular emphasis on prenatal screening and newborn genetic testing.

The company sees India as a particularly fertile ground for basic genetics research due to the wide array of ethnic groups inhabiting the subcontinent that allow the study of subtle variations between similar populations. The company plans to build India's first world-class homegrown genetic research institution, similar to BGI in China.

MedGenome also aims to offer practical benefits to everyday patients through its genetic testing apparatus, especially to expecting parents. Around 7% of Indian newborns are affected by genetic defects, according to the World Health Organization.

Since its founding in 2011, MedGenome has raised more than $50 million in venture funding, including a $4 million Series A round led by Emerge Ventures in 2014 and a $20 million Series B round from Sequoia in 2015.

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• Topics
• South Asia
• Healthcare
• Technology
• Expansion
• India
• Sequoia Capital
• Zodius Capital